| The promulgation of the "double reduction" policy in July 2021 has dealt a heavy blow to the online education industry,with online education enterprises facing bankruptcy one after another,while the live streaming e-commerce industry is gradually entering a mature stage of development.Therefore,Yu Minhong,the founder of New Oriental Online,a leading online education enterprise,led the team of New Oriental Online to start the transformation of live streaming e-commerce.In December 2021,the "Oriental Selection" broadcast room was established to build a platform for bringing agricultural products.In June 2022,New Oriental’s online "bilingual live broadcast" made its debut.In the latest fiscal year,China News announced that its transformation had achieved excellent results,indicating the success of New Oriental’s online transformation.How to realize the transformation of New Oriental Online,the effect of strategic transformation,how to evaluate the enterprise value reasonably after the transformation of New Oriental Online has become a question that needs to be discussed and studied.This paper studies the value assessment of New Oriental Online after the strategic transformation.First,it defines the relevant concepts and summarizes the theoretical basis of the valuation model.Then,the paper analyzes the path and performance of New Oriental’s online strategic transformation.Through the changes in financial and non-financial performance before and after the transformation,the results of New Oriental’s online transformation are obvious.Then,based on financial and non-financial aspects,two methods are used to evaluate the enterprise value of the specific base date after the transformation of New Oriental Online: one is the EVA model based on financial indicators,and the other is the improved DEVA model based on user value.There is a certain deviation between the obtained evaluation results and the market value,but the deviation is within a reasonable range.Moreover,the results obtained by the two evaluation methods from different levels are similar,indicating that the evaluation results are reasonable,and verifying the effectiveness of the valuation model on the value evaluation of New Oriental Online after the transformation.From the perspective of strategic transformation,this paper innovatively evaluates the value of New Oriental Online after the transformation,and discusses the value evaluation methods from both financial and non-financial aspects.The shortcomings of the original DEVA model have been improved.The square relation of user value in the adjustment model,the determination of parameters are more refined,and the adjustment coefficient is introduced,which makes the improved model more suitable for the value assessment of New Oriental Online.Through the research and application of the online value assessment method of New Oriental in this paper,it can provide valuation methods for live streaming e-commerce enterprises and enrich the theoretical system of value assessment for Internet enterprises. |
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